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Hey Traders,
News of vaccine gave a temporary boost in risk assets and a slump in gold prices as transfer from the precious metal heads towards stocks. However, stock indices struggles to keep price upwards as it continues to trade in consolidation. We would potentially see a breakout of either side next week, but my bias is still risk on.
Dollar Index (DXY)
The dollar continues to trade side way throughout the week. Expecting a huge move once there is confirmations of breakout. A must in your watchlist.
Spot Gold (XAU/USD) - Analysis 47-1
Price is once again at the support region of the descending triangle. Short opportunity: Break and retest of 1860 region towards 1800.
Trade Recap
EUR/NZD (Analysis 46-4)
Short position reached Take Profit-2 level where we announced to close fully.
NZD/USD (Analysis 45-1)
Recap on Week 45:
Recap on Week 46:
Long position reached Take Profit-2 where we announced to either close or take partial.
Bitcoin (Exclusive Trade)
Recap on Week 45:
Recap on Week 46:
Long position reached Take Profit-3 level where we announced to close fully.
Sugar #11 (Analysis 44-1)
Recap on Week 44:
Recap on Week 46:
Long position reached Take Profit-2 level where we announced to either close or take partial.
USD/JPY (Exclusive Trade) - Stopped
Trade Analysis
EUR/NZD (Analysis 47-2)
Long opportunity: Breakout and retest confirmation at 1.73425 region towards 1.74865
Short opportunity:
Break out and retest confirmation at 1.7075 region towards 1.6981
AUD/CAD (Analysis 47-3)
Short oppotunity:
Await for break and retest confirmation at 0.95 towards 0.94335 as Take Profit-1 Target, or towards ascending trend line.
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Cheers to the member who managed to pack some profits this trading week.
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